ST. LOUIS — A bank is seeking a receiver for a St. Louis apartment complex that houses low-income elderly residents, saying that the property's woes stem from increased costs and an inability to secure timely inspections and occupancy permits from the city during the Covid-19 pandemic.
Midland States Bank on Jan. 12 filed suit in St. Louis Circuit Court against two entities that own the 187-unit Sullivan Place Apartments, at 3015 N. 23rd St. in the St. Louis Place neighborhood.
The bank said that the entities, called 25th Street Elderly LP and 23rd Street Elderly LP and now tied to Ken Vitor, a Naples, Florida, sculptor, in 2008 borrowed $4.3 million from Sterling Bank. John Steffen's Pyramid Cos. developed Sullivan, but it was transferred in 2008 to Vitor's Capstone Development Group after Pyramid shut down. Midland bought the Sterling note in 2016, court documents say.
